Wool prices hit a 15-year high in New Zealand as demand surges
Wool prices in New Zealand have hit their highest level in 15 years on the back of surging demand. The yield outlook for sheep farmers depends on developments in the global textile market.
RNZ Business · Gianina SchwaneckeAccording to a report by RNZ Business, prices at New Zealand wool auctions have hit their highest level in 15 years. The country's farmers are benefiting both from strong export demand and a shift in the textile sector from synthetic to natural fibres. Buyers from China, India and European markets have been active in the auctions.
The price rise is being described as significant relief after recent difficulties in sheep farming. Wool income could provide balance sheet breathing room for farmers under pressure from dry climate conditions and input costs. Swings in milk and meat prices continue to shape the overall income picture.
Industry representatives say they will see in time whether demand is a sustainable trend or a short-term cycle. Investors are focusing on long-term contracts for wool and textile by-products. Export data in the coming season will be watched closely.
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